DOGS: A New Meme Cryptocurrency Closely Tied to the Telegram Community

DOGS is a new meme cryptocurrency closely tied to the Telegram community. Operating on the TON blockchain, DOGS aims to go beyond the meme coin label and become a ‘promising utility‘ within Telegram’s ecosystem.

A new meme cryptocurrency called DOGS is closely linked to the Telegram community and aims to become a ‘promising utility’ within Telegram’s ecosystem, operating on the TON blockchain. The token has a total supply of 550 billion tokens.

Initially, the token was made available on decentralized exchanges like Orca before launching on centralized exchanges like Binance. However, despite the Binance news and the prospect of listing across other exchanges, the token’s price action has been disappointing.

If the downtrend continues, the Solana-based memecoin’s price risks a drop to the support near $0.00714 and $0.0068. However, should the token start trending upwards, the DOGS/USD trading pair price would face resistance near $0.0077 and $0.0081.

Moreover, the bearish price action also highlights profit booking risks once the token goes live on exchanges, which would be very bad for the memecoin.

Binance led the charge in listing the DOGS token, introducing it to its Launchpool platform on August 23, 2024. Users can stake BNB and FDUSD to farm DOGS tokens over three days, with the official trading scheduled for August 26.

Binance’s involvement provides significant exposure to DOGS, but the rushed timeline and lack of developer transparency may raise investor concerns.

Following Binance, DOGS will be listed on several other major exchanges, including OKX, KuCoin, Bitget, and Gate.io. The widespread availability across these platforms suggests strong community interest but hints at a potential sell-off risk.

Over 400 billion DOGS tokens will be airdropped to eligible users, coinciding with its listing. While indicative of robust demand, this massive distribution could flood the market with supply, driving down the price post-launch.

Bitget went a step further by offering a gas-free airdrop and zero transaction fees for DOGS/USDT trading until August 27. The promotion includes a 1 BTC reward for participants. However, the absence of clear information about the DOGS development team and the significant number of tokens being airdropped may pose risks for long-term value retention.

The token’s success hinges on continued utility within the Telegram ecosystem and sustained community engagement, but these factors remain uncertain as the token enters the broader market.

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